Avellana Gold Ltd. pleased to announce contracting Wardell Armstrong International as a geological consultant on Muzhievo/Beregovo project. The Head of Avellana Gold Ltd representative office Andriy Smolin: “We are happy to sign the first agreement with respect to the provision of Mineral Resources Estimate (WRE) for Muzhievo deposit and preliminary analysis of Beregovo deposit. Wardell Armstr...

Avellana Gold Ltd. pleased to announce contracting Wardell Armstrong International as a geological consultant on Muzhievo/Beregovo project.

The Head of Avellana Gold Ltd representative office Andriy Smolin: “We are happy to sign the first agreement with respect to the provision of Mineral Resources Estimate (WRE) for Muzhievo deposit and preliminary analysis of Beregovo deposit. Wardell Armstrong LLP (WAI), an independent consultancy that has provided the mineral industry with specialized geological, mining, and processing expertise since 1837. We believe that knowledge and experiences of such a world-recognized name would help to confirm our vision on resource base and strategy of development of our Ukrainian assets. We start from the basic MRE report but remained focused on a extended cooperation to update our Pre-Feasibility Study and get and Bankable Feasibility study in the shortest terms”

Brian Savage , CEO of Avellana Gold Ltd. “I was honored to cooperate with Wardell Armstrong and Mr. Phill Newall previously. That makes me confident that our ambitious project would get supported by one of the best industry expertise. Our first stage will be confirmation of economic resources that belong to our mining license. Nevertheless, our next focus is set to confirm the substantial increase of polymetallic mineralization, that goes much deeper and spreads towards Beregovo license area. All that goes in line with a long-term strategy to prove the overlooked potential of Ukrainian Carpathians and settle a cornerstone of a large mining and exploration company in Ukraine. Today we are finalizing our financial strategy, so WAI report would help us to provide unbiased valuation and validate received financial commitments”

The head of the Ukrainian representative office of Avellana Gold Andrii Smolin met with representatives of the investment company SP Advisors and Crossways MK Consulting. The meeting was held within the framework of the CUTIS - The Canada Ukraine Trade and Investment Support Project, implemented by the Government of Canada. "During the meeting with the director of the CUTIS project, Bogdan Les...

The head of the Ukrainian representative office of Avellana Gold Andrii Smolin met with representatives of the investment company SP Advisors and Crossways MK Consulting. The meeting was held within the framework of the CUTIS - The Canada Ukraine Trade and Investment Support Project, implemented by the Government of Canada.

"During the meeting with the director of the CUTIS project, Bogdan Leschyshyn, we discussed the problems and prospects of Ukrainian companies, the differences in the regulatory framework and the peculiarities of attracting investment into Ukrainian projects. We also discussed and identified the areas of Avellana Gold cooperation with Canadian comanies, - said Andriy Smolin. - Attraction of foreign investments is a priority direction of development of the Ukrainian economy today, which needs special attention.

SP Advisors is a company that provides investment banking services in Ukraine and other Eastern European countries. Within the Canadian-Ukrainian program CUTIS, SP Advisors is conducting a selection of long-term projects of Ukrainian companies that will be presented to Canadian investors this fall. About 20 projects will be selected to participate in roadshow in Toronto, where companies will be able to present them and communicate with investors in person. The remaining investment projects will be included in the presentation materials for participating in the road show.

Today, more than 300 investors from Canada expressed interest to participate in the event.

CUTIS is a 5-year (2016-2021) initiative of the Canadian government aimed at increasing exports from Ukraine to Canada and investments from Canada to Ukraine.
Crossways MK Consulting is a consulting company established in Canada to support and assist in solving problems encountered by investors operating in Ukraine.

The State Geology and Subsurface Survey of Ukraine issued an order to extend the operation of special permits for subsoil use for the companies «KRK» and «ZGRK» owned by Avellana Gold Ltd. The special permits provide for geological exploration and experimental development of gold-polymetallic ores of the Kvasovo ore field and Beregovo deposit in Transcarpathia. The operation of the special permi...

The State Geology and Subsurface Survey of Ukraine issued an order to extend the operation of special permits for subsoil use for the companies «KRK» and «ZGRK» owned by Avellana Gold Ltd.
The special permits provide for geological exploration and experimental development of gold-polymetallic ores of the Kvasovo ore field and Beregovo deposit in Transcarpathia. The operation of the special permits, in accordance with the order of the State Geology and Subsurface Survey of Ukraine, has been extended for five years.

In addition, in the fall, Avellana Gold Ltd plans to start land reclamation and utilization of dumps remained as a result of the previous company operation on the territory of Muzhievo deposit in Transcarpathia.

The Verkhovna Rada, Ukraine's parliament, will vote for the law on the High Anti-Corruption Court this week. The decision of the parliamentarians on the implementation of the High Anti-Corruption Court will have two scenarios for the economy: either the country will be in a state of default if the decision is not supported, or will receive the next tranche of the IMF and the favor of the internati...

The Verkhovna Rada, Ukraine's parliament, will vote for the law on the High Anti-Corruption Court this week. The decision of the parliamentarians on the implementation of the High Anti-Corruption Court will have two scenarios for the economy: either the country will be in a state of default if the decision is not supported, or will receive the next tranche of the IMF and the favor of the international community.

The IMF has demanded to create an anti-corruption court, which will include independent experts approved by international organizations, as a condition for further lending to Ukraine and implementation of the reform program. It is expected that the law will be voted on Thursday, June 7.

If Ukraine fails to launch the Anti-Corruption Court and will not implement the IMF program, it will face serious economic consequences and outflow of foreign investment.

"The point is not even at risk of a collapse of the national currency, which everyone fears of and which preserves stability at the expense of Ukrainian workers. More scaring are populist statements that IMF money does not affect the exchange rate and that the default is not so terrible. In fact, this is not true. And the example of our company can say that the impact is very painful, - said Andrіі Smolin, the Head of Ukrainian representative office of Avellana Gold Ltd.

“The fact is that no long-term investment project can do without a leverage, which can range from 30 to 90% of the project's investment. First of all, it is about purchasing equipment through export credit agencies, which may simply not give out insurance, referring to growing credit risks. Or even with insurance, credit limits on Ukrainian banks can be reduced or closed. Moreover, this solution is not a directive, and there will be no one to complain to, as a risk manager of a foreign bank deems it necessary to optimize their credit risks geographically. And he will be right and will receive his deserved award at the end of the quarter, while a dozen investment projects in Ukraine will be frozen for several years. And those investors who were ready to provide share capital without a leverage will simply switch to other projects, the prices on the Commodity market will pass their peak and it will be impossible to return them, "- said Andrii Smolin.

“Such complicated logic will be difficult to explain to people in Transcarpathia who simply want to receive new jobs and salaries. Therefore, we sincerely hope that the authorities are well aware of it”.

In early February, the State Service of Geology and Subsoil of Ukraine celebrated 100 years since the day the geological service was created. Representatives of Avellana Gold Ltd. visited the events dedicated to the anniversary. Veteran scientists, employees of state enterprises and institutions were honored at the celebration. The management of the State Service of Geology and Subsoil of Ukra...

In early February, the State Service of Geology and Subsoil of Ukraine celebrated 100 years since the day the geological service was created. Representatives of Avellana Gold Ltd. visited the events dedicated to the anniversary.

Veteran scientists, employees of state enterprises and institutions were honored at the celebration. The management of the State Service of Geology and Subsoil of Ukraine emphasized the need to attract investments and private capital to the development of the mining industry in Ukraine. On this occasion, the head of the Ukrainian representative office of Avellana Gold Ltd.., Andrii Smolin expressed hope that the State will be able to implement the announced strategy of attracting investment.

“Undoubtedly, geological science has a huge heritage and influence on the development and prospects of the mining industry, and the welfare of Ukraine depends, in particular, on it. Along with the successful work on attracting investment, Ukraine has the opportunity to secure a strong promotion as a country promising for business. Therefore, it would be good to see, that the state program on attraction of investors in the industry did not disagree with the tasks set by the government ", - Andrii Smolin said.

Also, on the occasion of the anniversary, Avellana Gold's management wished new achievements to the geological service.

It should be noted that the official history of the geological service of Ukraine began on February 1, 1918. Then the government approved the charter and the staff of the Ukrainian Geological Committee.